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sandy and we're dealing with the fiscal cliff, as well. what do you think the big driver was of these slower growth numbers? >> well, good morning. yes, you hit on two of the big ones. really the season tripped coming out of the starting gate with hurricane sandy. the impact in the northeast and mid-atlantic, both those regions of the country actually had negative holiday seasons for the holiday-related sectors that we track. other areas of the country that were not impacted by significant weather in the southeast, south central, mountain and west, were up 2% to 4% year over year. so really depended on where you were in the country, how but during the holiday season. >> okay. that's definitely interesting to look at, the regional breakdown. i also want to talk about promotions. every year we see the promotions start, it seems, earlier, and discounts are a little deeper. at the end of the day when we're tabulating these numbers, are deep discounts really the way to go, or does it end up hurting the retailers in the end? >> i think a couple of events, the weakness in the fi
today with little progress seen on a deal to avoid the fiscal cliff. meanwhile, the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen is hitting a two-year low against the dollar as the new japanese battle vows to lower deflation. exports rise pushing the nikkei to its strongest gain in seven years. >>> and shares in toyota trading higher after the japanese carmaker settles a major u.s. class action lawsuit. it said the $1 billion payment is already priced in. >>> treasury secretary tim geithner says the u.s. will hit the $16.4 trillion debt ceiling on monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $200 billion and hopefully delay a potential default until sometime in february. geithner says it's harder to predict the time frame because of the ongoing fiscal cliff talks. and among the measures treasury will take include halting investments in the federal government's employee pension fund. not necessarily great moves there. president obama arrives back in washington
that the sh we're dealing with right now in the fiscal cliff is a prime example of it. what i'm arguing for are maintaining tax cuts for 98% of americans. i don't think anybody would consider that some liberal, left wing agenda. it used to be considered a mainstream agenda. and it's something we can accomplish today if we simply allow for a vote in the senate and in the house to get it done. the fact that it's not happening is ancation of, you know, how far certain factions inside the republican party have gone where they can't even accept what used to be centrist mainstream positions on these issues. i'm an optimist. we try every other option before we finally do the right thing. after everything else is exhausted, we eventually do the right thing. and i think that's true for congress, as well. and i think it's important for americans to remember politics have always been messy. people have been asking me a lot about the film "lincoln" and -- >> is this your lincoln moment? >> well, no. look, i never compare myself to lincoln and, b, the magnitude of the issues are quite different from
down there as investors start to price in the deal of not getting a deal struck on the fiscal cliff. sentiment hasn't improved over the weekend. >> no, it hasn't. but time to buy europe, according to the barons magazine. european stocks could rally by as much as 20% next year. in its cover story this weekend, the investor bible has picked ten stocks that it stays are undervalued, minimum downsize risk and they provide decent dividends, as well. on the list are vw volkswagen, rio tinto, rush and wpp. on the also on the list, we have deutsche plus, vivende, axa and enagas. >> it's tough to know whether to buy the handbag or the stocks from lvmh before the christmas. >> i suspect if there are any husbands out there, they would put a stock of lvmh under the tree, i'm not sure if jewelry would be equal. >> we've been asking the economist toes give us their outlook for 2013. >> do you think the u.s. is going to continue to be strong? if they can solve the fiscal cliff issues, keep economic indicators up. what they're doing with the jobs is good, asset performance is good. asia, it's going
going to have to deal with continued fiscal wrangling' in washington for weeks and weeks and weeks. >> we're going to talk more about the fiscal cliff and later on in the show. just coming back to europe for a second or touching on europe -- >> even more boring. >> because i'm quite looking forward to next year and i'm looking forward to hoping that we're not going to be sitting on politicians the same way we have over the last year, two years, looking at every single line that comes out of therefore mouths. i'm hoping we're going to see march of a sense of normality coming back into the european trades. >> as mohamed el-erian said, it's the new normal. nothing is going to happen next year in all probability. there will be the italian electrics. if berlusconi starts to poll better in a run up to the italian elections, which i think will happen, then you're likely to see bonds markets reacting a little bit to that. that could cause problems in the spanish and italian yield curve. so maybe that would that will trigger mariano rajoy asking for a bailout. anything which happens on the
Search Results 0 to 4 of about 5